According to the Weyburn Chamber of Commerce, the Government of Saskatchewan's recent announcement regarding tax relief for developers of new residential rental residencies is a win - especially for the growing community of renters.
The Weyburn Chamber submitted policy work to the Saskatchewan Chamber two years ago encouraging the Government to take steps to help alleviate the prohibitive tax burden place on the income from residential rent collection.
The Chamber identified that one of the main reasons Weyburn has a lack of rental accommodations is that the taxation rate on this rental income was over 40%.
"Although our recommendation asked that this be taxed at the small business taxation rate, we are still encouraged to see these changes," said Jeff Richards.
The new rental housing construction initiative will provide a 10-year rebate of corporate income tax equal to 10% of the expected rental income from new multi-unit residential rental projects.
